Algorand is Growing in Transaction Rate as More Use Cases Get Introduced
Algorand has cleared over 11,000,000 transactions in the previous seven days, averaging 1,600,000 per day. There have been zero downtime and transaction costs of one-eighth of a penny in three years. As a result, it has become the blockchain of choice for hundreds of businesses. Notably, since December, 6,000,000 additional Algorand addresses have been established.
Algorand is Advancing its Features to Stand OutÂ
This week, the price of Algorand has done quite well, and it is presently trading at $0.9014. It finished the week with a roughly 18 percent gain over the week. Algorand generated a trade setting on its Point and Figure chart due to this action.
Algorand is one of the cryptos that offers a variety of use-cases. Its robust network and impeccable execution record make it a worthy investment.
Algorand has been updated with support for smart contract compatibility, which allows developers to create complex dApps that can interact seamlessly with other smart contract-based dApps. Developers can now build dApp-to-contract calls with the same smart contract-to-contract calling API.
Meanwhile, the Falcon Keys are the first significant milestone in Algorand’s journey towards interoperability. They will be used to generate State Proofs, which will allow users to trustlessly access the platform in low-power environments.
These network upgrades follow the Algorand Foundation’s $20 million incentive program on developer tooling and EVM compatibility. They position Algorand at the forefront of cross-chain interoperability and post-quantum security while enabling developers to build even more advanced decentralized applications.
The new features are built on Algorand’s already robust developer resources. They allow developers to create smart contracts on the platform easily.
Bulls Need to Maintain MomentumÂ
Despite the selling pressure on Friday, the Algorand price is expected to continue its upward movement. The indicators indicate that the market is relatively oversold on the weekly and monthly charts.
A hypothetical long entry was proposed in March 2022 by a trader who identified a stop order at $0.76. It had a stop loss of $0.68 and a profit target of $1.18. The trade had a 5.25:1 risk-reward ratio, with a two to three-box trailing stop to safeguard any indicated profit achieved post-entry.
The Point and Figure chart indicated that ALGO identified a profit target of $1.18. However, the analysis noted that the Algorand price could find resistance and sell pressure before hitting the target due to the 2022 Volume Point Of Control, the weekly Tenkan-Sen, and the 61.8% Fibonacci retracement in the $1.05 to $1.10 price range.
Folks could trigger a move south by selling pressure near the bear market trendline on the Point and Figure chart. It would likely affect the X column, around 50% of the current value.
RUNE and QUANT are Rallying
QNT has risen by more than 20% in the last week. On the other hand, RUNE and ALGO have increased by 17% in the same time frame. It comes as cryptocurrency markets were trading over 4% higher on Friday of writing, as markets began to prepare for the weekend’s activity.
However, the global market cap is currently at $2.00T, a 1.39 decrease over the last day. Furthermore, the total crypto market volume over the last 24 hours is $74.70B, which makes a 31.59% decrease.
Thorchain (RUNE) was one of the largest gainers on Friday, rising over 15% at one point before easing somewhat throughout the day. Following a low of $7.96 on Thursday, RUNE/USD rebounded today to an intraday high of $9.52. Today’s high came close to last Sunday’s high of $9.58, the highest level RUNE had traded since December 4.
